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Sarbanes-Oxley News & Developments
SEC reviews financial statements of listed firmsThe SEC will again conduct a review on the financial statements submitted by listed companies including those obtaining secondary license from the SEC.
> > The SEC is conducting a review again on the financial statements submitted by listed companies including those with a secondary license from the SEC to ensure that they abide by the accounting rules being implemented by the Commission.
According to SEC Chairman Lilia R. Bautista the review this time will involve the 2002 financial statements submitted by listed companies. She added the SEC will seek the assistance of the University of the Philippines (UP) in conducting the review.
UP earlier conducted a study on the 2001 financial statements of chosen listed companies and findings submitted to the SEC revealed that a greater number of those included in the study do not adhere to the Generally Accepted Accounting Standards (GAAP) or have discrepancies in their financial statements.
As a result of the study, the Office of the General Accountant of the SEC have sent letters to the concerned companies and asked them to explain the reason for the discrepancies.
Source: Manila Bulletin - article by Ana Marie Macuja - April 27, 2003
Published:2003-04-29
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